PIA Press Release2007/10/01

Attractive package, low-cost housing scheme fuel real estate boom

Manila (1 October) -- Real estate industry growth is now on all-time high because of the very attractive packages and low-cost housing schemes offered by owners and developers.

Economists believe that when real estate is booming, it means good news to the whole economy.

As reported the 17.1percent in real estate growth was due to the increase in rent and lease of commercial and office spaces due to the newly established giant malls and shopping centers in the metropolis, and the booming business process outsourcing industry.

Likewise, there is a positive trend in housing as proven by the increase in the sale of residential subdivision and condominium projects which are very much in demand among Overseas Filipino Workers (OFWs).

According to Vice-President and HUDCC Chairman Noli de Castro, even those who are skeptical about the country's economic growth cannot deny the buoyant state of real estate in the country today. The current boom has held despite the slew of political news and controversies. VP De Castro expressed the hope that such a trend will continue.

Political analysts, meanwhile, expressed hope that political controversies will not break down into instability, and that it can be resolved without much collateral damage to the economic gains the country has been reaping. (PIA-MMIO) [top]